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U have made a Transaction Worth Rs.1,00,000..Then We made a
down Payment worth Rs.50,000..Then the FY came to an end.
When we are calculating TAX for the FY,on which amount we
will calculate TAX,do we calculate TAX for this
transaction ? .Then NEXT YEAR do we again calculate for
Rs.1,00,000.or the remaining Rs.50,000.
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Answer Posted / monu
If iam not wrong, Ur questions was that U have made a
Transaction Worth Rs.1,00,000, for this u have to deduct
Tax OK. then u made made a down Payment worth Rs.50,000. But
u have not specified whether that down payment is against
the Invoice or not, As per my knowledge it was not against
any specific invoice. So we will deduct Tax on advance also.
So at end of the year we will calculate Tax on Both the
transaction. And next year we will not calculate Tax
particular on this transactions.
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